Creating your own economy
What a year this has been..... An entrée of bushfires, followed by a main course of COVID-19, topped with the US election circus. Billy Joel will need to add another verse to the classic 'We didn't start the fire'.
I remember being surprised at how many voices there were begging for the end of 2019 - that tune will be played a lot louder this time around.
Economically, we tasted our first recession since the 90s but as always with any economic downturn there are winners and losers. Skincare and infrastructure have been booming whilst we mourn the loss of our dearly departed within the travel and hospitality industries.
So why is it that there are winners and losers during downturns? Why are some Businesses able to 'create their own economy'? Can it all be put down to the Industry you are in or is there a little more to it?
Earlier this year I presented a webinar titled 'The 5 opportunities of a recession'. Click here to listen https://vimeo.com/426944054.
One of the points I spoke about was re-imagining the business model. It's been interesting to observe this play out….from manufacturers re-tooling to produce hand-sanitiser to the multitude of Businesses developing proper online sales and distribution. ANZ stadium has even been repurposed to a golf driving range!
Feel free to have a listen to the webinar. I would love to hear your thoughts and success stories of businesses being re-imagined.
Head of Technology, Government at ReadyTech
4 年Winston Churchill was once famously quoted as saying "never let a good crisis go to waste". I've always believed that to mean that with any dramatic change, it's inevitable that there'll be new untapped opportunities that are ripe for the picking. Businesses focussed on a growth mindset will be in a much better position to capitalise on these opportunities. And the rest, well they'll unfortunately fall by the wayside.